EDITED ON MAY 30: The trade court's order was appealed and overturned on May 29.
In what I believe is a symbolic gesture, a federal court for international trade struck down Trump's "Liberation Day" tariff regime.
The court ruled yesterday that Trump's tariffs are illegal, and he cannot declare a national emergency for something that has been going on for decades. The decision was made by a 3-judge panel—judges appointed by Reagan, Obama and Trump, respectively—which voted unanymously that the tariffs are illegal.
Trump claimed that the judges were unelected, partisan shills, of course. The dollar was immediately strengthened against international currencies and markets rallied.
In its order, the court stated that the president does have certain authorities to implement temporary tariffs. He can legally implement 15% tariffs for a maximum of 150 days, for example. However, the vast, widespread "Liberation Day" tariffs are illegal, and must be approved by Congress, the court stated.
Trump will certainly appeal this decision and I suspect will take it all the way to the Supreme Court. I believe it is unlikely the Supreme Court will push back against Trump, and they will allow him to do whatever he wants. This is why I believe the court's decision yesterday was largely symbolic.
https://www.theguardian.com/us-news/2025/may/28/us-court-blocks-trump-tariffs
https://apnews.com/article/trump-tariffs-trade-court-0392dbd59f548e49ad4f64254ae3f94a
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